Sharjah to launch one-day tender for trust certificates due 2021

By Marisa Wong

Morgantown, W.Va., March 21 – The government of the Emirate of Sharjah is inviting holders of the $500 million trust certificates due 2021 issued by Sharjah Sukuk 2 Ltd. to tender their certificates for cash up to a maximum purchase amount.

The government will set the tender cap at an amount not exceeding the amount of new dollar-denominated fixed-rate trust certificates that it plans to offer.

Holders of the existing certificates may begin submitting orders once bookbuilding for the new issue begins. Sharjah announced on Thursday that it expects to price the new certificates on March 26.

The submission period will end on March 26 and settle on March 28.

The purchase price will be $1,013.00 per $1,000 principal amount, plus accrued distributions.

The tender offer is not conditioned on any minimum participation but is conditioned on pricing of the new certificates.

HSBC Bank plc and Standard Chartered Bank will act as dealer managers, with Standard Chartered Bank acting as billing and delivering bank.

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